What Happened?
The New York Stock Exchange Arca has submitted a Bitcoin ETF application for Truth Social, a brand under Trump Media Technology Group. The Trump family is actively expanding its cryptocurrency footprint, covering multiple projects including NFTs (non-fungible tokens), meme coins, and stablecoins, raising potential conflict of interest controversies. Several cryptocurrency wallet products related to the Trump family are set to be launched, including the “official $TRUMP wallet” developed in collaboration with Magic Eden.
Trump Media Group Enters the Cryptocurrency Market
Former U.S. President Donald Trump’s cryptocurrency domain is rapidly expanding, with recent documents indicating that its social media platform Truth Social plans to launch the “Truth Social Bitcoin ETF,” drawing renewed attention from various sectors. According to the application documents submitted by NYSE Arca to the U.S. Securities and Exchange Commission (SEC) on June 3, the “Truth Social Bitcoin ETF” has officially entered the review process. This ETF is represented by Yorkville America Digital, a digital asset management company that partners with Truth Social’s parent company, Trump Media & Technology Group, and aims to be listed on the NYSE Arca while tracking the price of Bitcoin.
The application documents have yet to disclose management fees or stock symbols but propose that Foris DAX Trust Company, the custodian of Crypto.com assets, act as the custodian. After submission, the SEC must decide within 45 days whether to accept, reject, or delay the application, which can be postponed multiple times, with a maximum review period of 240 days, meaning a decision must be made by January 29, 2026, at the latest. If approved, this Trump-related ETF will enter the highly competitive Bitcoin ETF market. Currently, there are 11 similar funds in the Bitcoin ETF market, with BlackRock’s iShares Bitcoin Trust ETF being the largest, managing nearly $69 billion in assets.
The Complex Relationship Between the Trump Family and Cryptocurrency
The submission of this ETF application has once again drawn attention to the increasingly contentious relationship between Trump and cryptocurrency. Many critics believe this could present a conflict of interest related to his presidential responsibilities, even accusing Trump of profiting from his position as president. Currently, Trump and his family are continuously increasing their investments in cryptocurrency projects, including several NFT series, two meme coins, one stablecoin, one cryptocurrency mining company, and one cryptocurrency platform.
Prior to the ETF application, Trump Media Technology had already signed an agreement in April with asset management firm Yorkville America Digital and cryptocurrency company Crypto.com to launch a series of “Made in America” crypto ETFs. Subsequently, Trump Media Technology submitted an application for the “Truth.Fi Bitcoin Plus ETF.” In addition to the ETF, Trump Media Technology is also actively exploring the integration of cryptocurrency into its existing platforms. Devin Nunes, CEO of Trump Media Technology, stated to shareholders on April 29 that they are exploring the introduction of a “utility token” and digital wallet on their streaming service, Truth+.
These tokens could initially be used to pay for Truth+ subscriptions and later applied to other products and services within the Truth ecosystem. Trump Media Technology had already filed for a trademark last November, planning to establish a digital asset wallet and allow Truth.Fi to process cryptocurrency payments. Notably, the development of projects related to Trump-branded cryptocurrency wallets has also encountered some confusion. The NFT marketplace Magic Eden claims to have partnered with the team behind the Trump meme coin to launch an official Trump-branded cryptocurrency wallet and trading application. However, Trump’s sons stated on social media that they were unaware of Magic Eden’s wallet deal while promoting a wallet to be launched by World Liberty Financial, which is backed by Trump.
This means that there may be at least three cryptocurrency wallets associated with the Trump brand in the future. Despite criticism from the public regarding Trump’s and his family’s cryptocurrency dealings, the Trump team does not appear to be deterred. The SEC’s recent attitude toward the cryptocurrency industry has also become more favorable, with various lawsuits and investigations being withdrawn. If the Trump ETF is officially launched in the future, Yorkville America Digital will also need to file an S-1 registration statement detailing the fund’s operations, capital utilization, and associated risks.
Reference: cointelegraph, the block, the block